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12.29 Aggregate Demand and Aggregate Supply Worksheet

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Worksheet Overview & Skills Covered

Core academic competencies and curriculum alignment

This Economics & Financial Literacy Social Studies worksheet provides structured practice on 12.29 Aggregate Demand and Aggregate Supply. Students are guided through targeted exercises that build foundational understanding, computational accuracy, and critical thinking skills.

Aggregate Demand and Aggregate Supply: Select the aggregate demand and aggregate supply graph that correctly shows the macroeconomic shock and result. Aligned to Integrated Grade 12 Economics & Financial Literacy Framework (C3, CEE, NSPFE, CCSS RH/WHST 11-12, AP Micro/Macro, NAEP, and selected state frameworks) 12.29 - Aggregate Demand and Aggregate Supply: Select the aggregate demand and aggregate supply graph that correctly shows the macroeconomic shock and result. Standards alignment: C3 D2.Eco.10-12.9-12; CEE Econ 18-20; AP Macro U3, Skill 4; CCSS RH.11-12.7; NAEP Econ: National/Reasoning; CA HSS-PoE.12.4; TX TEKS Econ.

Whether you are an educator preparing classroom handouts, a tutor reinforcing weekly topics, or a parent supporting homeschool learning, this printable resource gives students the deliberate practice required to achieve subject fluency and master state standards.

Grade

Economics & Financial Literacy

Subject

Social Studies

Domain

Social Studies Curriculum

Formats

PDF & DOCX

Sample Practice Problems

Preview the types of problems and questions covered in this worksheet

Below are sample questions representative of the exercises included on this worksheet and related 12.29 Aggregate Demand and Aggregate Supply skill assessments:

Problem 1Difficulty: Mastery

In the graph choices, AD is downward sloping, SRAS is upward sloping, and LRAS marks potential output. The economy begins at potential output. A demand stimulus increases total spending, but productive capacity does not change in the short run. Which graph shows the short-run result at full employment?

AThe graph labeled C for the full-employment stimulus: SRAS shifts left; real GDP falls below potential and the price level rises, creating a recessionary gap with stagflation.

BThe graph labeled A for the full-employment stimulus: AD shifts right toward LRAS; real GDP rises to potential and the price level rises, closing a recessionary gap.

CThe graph labeled D for the full-employment stimulus: AD shifts right beyond LRAS; real GDP rises above potential and the price level rises, creating an inflationary gap.

DThe graph labeled B for the full-employment stimulus: AD shifts left below LRAS; real GDP falls below potential and the price level falls, creating a recessionary gap.

Solution & Explanation:AD shifts right from full employment, creating an inflationary gap. When AD increases from full employment, short-run output can rise above potential and create inflationary pressure. The correct graph must show that AD shifts right beyond LRAS; real GDP rises above potential and the price level rises, creating an inflationary gap. The selected graph is the only one that keeps the shock, curve movement, and short-run outcome aligned.

Problem 2Difficulty: Mastery

A four-panel AD-AS graph set is being used to interpret a shock. Households expect lower future income and reduce consumption while firms adopt a productivity-improving process. The productivity effect is larger. Which graph shows the dominant supply improvement?

AThe graph labeled B for the income expectations and productivity: AD shifts left and SRAS shifts right by similar amounts; the price level falls and real GDP is about unchanged.

BThe graph labeled C for the income expectations and productivity: AD shifts left and SRAS shifts farther right; real GDP rises and the price level falls.

CThe graph labeled D for the income expectations and productivity: SRAS shifts right while AD and LRAS stay fixed; the short-run equilibrium has higher real GDP and a lower price level.

DThe graph labeled A for the income expectations and productivity: AD shifts right and SRAS shifts farther right; real GDP rises and the price level falls.

Solution & Explanation:AD shifts left, but SRAS shifts farther right. A large supply improvement can more than offset weaker demand, producing higher output and a lower price level. The correct graph must show that AD shifts left and SRAS shifts farther right; real GDP rises and the price level falls. The distractors confuse aggregate demand, SRAS, LRAS, or the resulting equilibrium direction.

Problem 3Difficulty: Mastery

A policy analyst wants to match a macroeconomic event to the correct AD-AS model. A wage subsidy lowers employer labor costs while temporary income support raises consumer spending. The two price effects are similar. Which graph best shows the combined policy effect?

AThe graph labeled B for the wage subsidy and income support: AD and SRAS both shift right; real GDP rises while the price-level change is uncertain without shift sizes.

BThe graph labeled D for the wage subsidy and income support: AD shifts right while SRAS and LRAS stay fixed; the short-run equilibrium has higher real GDP and a higher price level.

CThe graph labeled C for the wage subsidy and income support: AD shifts left and SRAS shifts right by similar amounts; the price level falls and real GDP is about unchanged.

DThe graph labeled A for the wage subsidy and income support: AD shifts right and SRAS shifts left by similar amounts; the price level rises and real GDP is about unchanged.

Solution & Explanation:SRAS shifts right and AD shifts right; both raise output while price effects offset. Rightward AD and SRAS shifts both increase output, but one raises and the other lowers the price level. The correct graph must show that AD and SRAS both shift right; real GDP rises while the price-level change is uncertain without shift sizes. A correct AD-AS answer must match both the cause of the shock and the stated movement in real GDP and the price level.

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QWhat grade level and standards does this worksheet align with?

This worksheet is designed specifically for Economics & Financial Literacy Social Studies students. It aligns with educational standard 12.29 (Select the aggregate demand and aggregate supply graph that correctly shows the macroeconomic shock and result. Standards alignment: C3 D2.Eco.10-12.9-12; CEE Econ 18-20; AP Macro U3, Skill 4; CCSS RH.11-12.7; NAEP Econ: National/Reasoning; CA HSS-PoE.12.4; TX TEKS Econ.).